This speech, entitled Credit Rating Agencies:what are the next steps? was delivered at the ECON hearing in the European Parliament on 24 January 2012.
1. Introduction
Dear Vice-Chair, honourable Members of Parliament, Ladies and gentlemen, First of all, thank you very much for inviting me today to outline ESMA's view on the new legislative proposal concerning credit rating agencies (CRAs). Let me begin my short remarks by saying a few words about ESMA's current work on CRAs. ESMA is currently in the process of fully implementing the provisions of the amended Regulation on credit rating agencies (“Regulation”), also known as CRA2. In particular, it is only since 1 July 2011 that ESMA has taken on responsibilities for the day to day supervision of registered CRAs. With the registration of the major CRAs on 31 October last year, ESMA has immediately taken direct supervisory steps. We have conducted a first on-site inspection of the three main CRAs in December 2011, for which we expect to publish an examination report by the end of the first quarter of this year. In the course of 2012 we will also finalise the establishment of the reporting data tools provided by the Regulation and of the CEREP central database – an essential disclosure facility for investors. We are also in the process of performing the assessment of the regulatory framework of several non-EU countries and agreeing suitable cooperation arrangements with the respective supervisors - something that will ensure the endorsement of the overwhelming majority of third-country ratings currently used for regulatory purposes in the Union.
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